12pm update - clawing higher into the afternoon

The main indexes are showing their underlying upward pressure, with most of the indexes now slightly positive. A daily close in the sp'1840/45 zone looks...probable. Metals are weak, Gold -$10, Silver -2.2%. Oil remains generally weak, -0.7%.


sp'60min

Summary

Little to add. Lets just see if the market can jump into the mid 1840s after the FOMC minutes are released at 2pm.

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notable strength in...STX

Only another $40 until triple digits..there is no doubt on that one..and if you think about it for just a little..it has very broad implications for the main market into late 2015.

11am update - normal service continues

The sp'500 has already broken into the 1840s after a very brief micro snap lower to 1831. Nothing has changed, and it remains bizarre how some were getting overly excited at the decline from 1849-1823. Just what part of the recent price action was suggestive of 1750s?


sp'60min

Summary

It remains a laughable market. A classic opening hour..with a micro snap lower..to wash out the weaker bulls, suck in the dumbest of bears...and then whipsaw back to the upside.

The fact the indexes are already a touch higher should be seen as merely a bonus to the bulls.

What will be real interesting is how the market interprets the FOMC minutes at 2pm.
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Notable weakness: RIG, -2% in the low $48s.

Baring a swift recovery-reversal across the remainder of this week, RIG looks in serious danger of breaking the recent $47 low, and if that occurs, then further downside to 44/43.

10am update - opening minor weakness

The indexes open with very minor chop, and again its apparent that the bears have no significant downside power. Market looks set for a very viable latter day ramp..after the FOMC minutes are released. Metals are weak, Gold -$11.


sp'60min

GLD, daily

Summary

Not much to note.

I have to guess we'll close in the 1840/45 range today, and that still keeps open the door for a weekly close in the 1850s.

No one out there should have the audacity to claim the market is weak right now. Is no one looking at the low VIX anymore?
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Notable weakness, GDX, RIG, TWTR
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As for the metals...broader trend is still down, but hey..the gold bugs would still dispute that.
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10.21am.. indexes already set to turn green, great huh?  Is anyone really surprised?

anyone still think the mid 1700s viable in this cycle?


10.39am.. and there are the 1840s..and its not even 11am yet.